HDFC Bank Limited
NSE: HDFCBANK
Financial Services · Banks - Regional
₹704.90 last close on 12 Oct 2026 −0.33%
Research updated
SBI Cards and Payment Services Ltd.
NSE: SBICARDFinancial ServicesCredit Services
- Last close
- ₹558.70
- Day change
- −₹3.30 (−0.59%)vs
- Market cap
- ₹54,463 crIndian rupees
- Research updated
- 1 report
About SBI Cards and Payment Services
SBI Cards and Payment Services Ltd. operates as a credit card and payment solutions provider in India. As a subsidiary of India's leading bank, the State Bank of India, it plays a crucial role in the consumer finance sector by offering a diverse range of credit card products tailored to meet the needs of individual consumers, businesses, and retail partners. The company distinguishes itself through its comprehensive portfolio, which includes lifestyle, rewards, travel, shopping, and fuel cards, facilitating a wide array of consumer spending choices and experiences. Notable for its wide market reach and extensive network, SBI Cards and Payment Services Ltd. helps drive the country's financial inclusion efforts by providing credit access to millions, bolstering India's transition towards a cashless economy. It deploys advanced technology to enhance customer experience, offering innovative features such as contactless payments, rewards programs, and seamless digital payment solutions. As one of the prominent names in India's burgeoning digital payments landscape, the company not only caters to urban consumers but also taps into underserved markets, supporting growth and inclusion within the financial ecosystem.
- Sector
- Financial Services
- Industry
- Credit Services
- Listing
- NSE: SBICARD
- Chief executive
- Ms. Salila Pande
- Employees
- 4,218
- Headquarters
- Gurugram, India
- ISIN
- INE018E01016
- Website
- sbicard.com
Public research · Report of
Business model & financial foundation
SBI Card (NSE: SBICARD), Credit card issuer and unsecured consumer lender: revenue of ₹20,708 crore in FY26 (+11.1% on FY25) and net profit of ₹2,167 crore.
- Revenue, FY26 (₹ crore)
- 20,708
- standalone
- Revenue growth, FY26
- +11.1%
- on FY25
- Net profit, FY26 (₹ crore)
- 2,167
- to owners
- Return on equity, FY26
- 14.7%
- on average equity
- Market capitalisation (₹ crore)
- 60,429
- at the close of 13 Oct 2026
Company profile
| Item | Value |
|---|---|
| Legal name | SBI Cards and Payment Services Limited |
| Exchange and ticker | NSE: SBICARD; BSE: 543066 |
| ISIN | INE018E01016 |
| Sector | Financial Services |
| Industry | Credit card issuer and unsecured consumer lender |
| Headquarters | Gurugram, India |
| Fiscal year end | March |
| Reporting basis and unit | standalone, in ₹ crore |
| Auditor | V. K. Dhingra & Co. and S. P. Chopra & Co. |
| Market capitalisation | ₹60,429 crore (13 Oct 2026) |
| Shares outstanding | 95.16 crore shares (FY26) |
| Price | ₹558.7 (close, 13 Oct 2026) |
| 52-week range | ₹547.7 - ₹965.0 (to 13 Oct 2026) |
| Website | https://www.sbicard.com |
Corporate structure and shareholding
Parent: State Bank of India.
No subsidiary is recorded.
SBI promoter group controls the issuer. No subsidiaries, associates or joint ventures reported for FY26.
| Shareholding (% of shares) | Q3FY26 | Q4FY26 | Q1FY27 | Q2FY27 |
|---|---|---|---|---|
| Promoter | 68.58% | 68.92% | 68.86% | |
| Promoter holding pledged | 0.00% | 0.00% | 0.00% | |
| Foreign institutions | 10.15% | 9.54% | 8.99% | |
| Domestic institutions | 17.85% | 18.12% | 18.13% | |
| of which mutual funds | 10.31% | 10.65% | 10.80% | |
| Retail | 2.96% | 2.87% | 3.40% | |
| Other | 0.46% | 0.55% | 0.63% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
SBI Card (NSE: SBICARD) is a standalone, RBI-registered non-deposit-taking NBFC that issues credit cards; it has no subsidiaries. State Bank of India holds 68.58% directly (68.86% with SBI Life). Revenue has two pools: interest on revolving and EMI receivables (Rs9,901 cr FY26) and fees and other operating revenue tied to spends, subscriptions and customer events (Rs9,999 cr FY26). In Q1 FY27 the mix of revenue from operations was 48% interest, 29% spend-based, 17% instance-based and 6% subscription. Funding is wholesale: 62% WCDL, 14% NCD and 24% term loans at Jun-26, AAA/Stable from CRISIL and ICRA. SBI's branches supply 47% of new accounts and 36% of cards in force. The company controls underwriting, pricing within RBI's card directions and its cost base; it does not control the revolve behaviour of customers, the repo rate or interchange rules.
| Peer | Why the dossier compares them |
|---|---|
| Bajaj Finance (BAJFINANCE) | Diversified consumer credit lender; funding and return benchmark, not pure-play cards. |
| HDFC Bank (HDFCBANK) | |
| ICICI Bank (ICICIBANK) | Large credit card competitor; consolidated bank economics differ. |
| Axis Bank (AXISBANK) | Major card competitor after Citi acquisition; deposit-funded bank. |
| Kotak Mahindra Bank (KOTAKBANK) | Card competitor and retail lending return benchmark. |
| Cholamandalam Investment and Finance (CHOLAFIN) | NBFC funding and growth/return comparator; secured lending materially different. |
| Shriram Finance (SHRIRAMFIN) | NBFC return and capital comparator; secured credit mix differs. |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Total income | 8,637 | 10,678 | 17,484 | 18,637 | 20,708 |
| Other operating costs (vendor classification) * | 3,899 | 5,133 | 5,694 | 9,576 | 7,210 |
| Profit before tax | 2,172 | 3,031 | 3,232 | 2,581 | 2,913 |
| Tax expense | 556.0 | 772.1 | 823.9 | 664.3 | 746.5 |
| Profit after tax | 1,616 | 2,258 | 2,408 | 1,916 | 2,167 |
| Diluted EPS (₹) * | 17.02 | 23.80 | 25.37 | 20.14 | 22.77 |
| Interest income | 7,927 | 9,347 | 9,901 | ||
| Noninterest income from operations | 9,041 | 8,725 | 9,999 | ||
| Other income | 515.0 | 565.0 | 808.0 | ||
| Finance costs | 2,595 | 3,178 | 3,072 | ||
| Operating costs before credit costs | 8,369 | 8,007 | 9,760 | ||
| Impairment losses and bad debts | 3,287 | 4,872 | 4,962 | ||
| Earnings before credit costs (derived) | 6,520 | 7,452 | 7,876 | ||
| Net interest income (derived) | 5,332 | 6,169 | 6,829 | ||
| Profit attributable to owners | 2,408 | 1,916 | 2,167 | ||
| Depreciation and amortisation | n.r. | 146.8 | 136.3 | ||
| Employee benefit expenses | n.r. | 590.0 | 661.0 | ||
| Other operating expenses (audited cost stack) | n.r. | n.r. | n.r. |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Total accounting equity | 7,753 | 9,830 | 12,084 | 13,782 | 15,725 |
| Borrowings including debt securities and subordinated debt | 23,285 | 31,531 | 39,891 | 44,947 | 44,064 |
| Cash and bank balances | 680.1 | 817.0 | 2,730 | 2,738 | 2,320 |
| Trade payables * | 1,117 | 1,395 | 1,508 | 1,593 | 1,714 |
| Net property, plant and equipment * | 323.1 | 447.5 | 0.26 | 226.8 | 158.0 |
| Capital work in progress * | 0.49 | 6.06 | 0.10 | 0.15 | 0.02 |
| Total assets | 58,171 | 65,546 | 66,328 | ||
| Gross credit card receivables | 50,846 | 55,840 | 56,926 | ||
| Loans, net of provisions | 49,079 | 53,935 | 54,984 | ||
| Investments | 3,519 | 6,235 | 6,374 | ||
| Net debt proxy after cash and investments | 33,642 | 35,974 | 35,370 |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Cash from operations * | 2,949 | 4,406 | 5,691 | -2,611 | 493.0 |
| Free cash flow (vendor definition) * | -4,491 | -6,764 | -5,526 | -2,196 | 459.4 |
| Dividends paid (the provider's sign: an outflow is negative) * | -212.9 | -362.6 | -287.1 | -217.0 | |
| Capital expenditure (the provider's sign: an outflow is negative) * | -99.9 | -93.2 | -74.5 | -55.4 | n.r. |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Shares outstanding | 94.19 | 94.43 | 94.82 | 95.14 | 95.16 |
| Model proxy: noninterest operating income / total spends (%) | n.r. | 2.6% | 2.3% | ||
| Model proxy: opex / income net of finance costs (%) | 56.2% | 51.8% | 55.3% | ||
| Model proxy: interest / closing gross receivables (%) | 15.6% | 16.7% | 17.4% | ||
| Model proxy: impairment / closing gross receivables (%) | 6.5% | 8.7% | 8.7% |
| Quarterly profit and loss (₹ crore) | Q2FY25 | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|---|---|---|---|
| Total income | 4,556 | 4,767 | 4,832 | 5,035 | 5,136 | 5,353 | 5,187 | 5,205 |
| Other operating costs (vendor classification) * | 1,664 | 1,763 | 1,725 | 1,739 | 2,032 | 1,961 | 1,986 | |
| Profit before tax | 545.0 | 518.0 | 719.0 | 748.0 | 600.0 | 749.0 | 816.0 | 893.0 |
| Tax expense (PBT less PAT) | 141.0 | 135.0 | 185.0 | 192.0 | 155.0 | 192.0 | 207.0 | 229.0 |
| Profit after tax | 404.0 | 383.0 | 534.0 | 556.0 | 445.0 | 557.0 | 609.0 | 664.0 |
| Diluted EPS (vendor until precise primary available) (₹) * | 4.25 | 4.03 | 5.61 | 5.84 | n.r. | 5.85 | 6.40 | 6.98 |
| Interest income | 2,290 | 2,399 | 2,415 | 2,493 | 2,490 | 2,536 | 2,382 | 2,421 |
| Noninterest income from operations | 2,131 | 2,220 | 2,259 | 2,384 | 2,471 | 2,591 | 2,553 | 2,620 |
| Other income | 135.0 | 148.0 | 158.0 | 158.0 | 175.0 | 226.0 | 252.0 | 165.0 |
| Finance costs | 788.0 | 829.0 | 795.0 | 813.0 | 760.0 | 785.0 | 714.0 | 745.0 |
| Operating costs before credit costs | 2,011 | 2,107 | 2,073 | 2,123 | 2,484 | 2,597 | 2,561 | 2,620 |
| Impairment losses and bad debts | 1,212 | 1,313 | 1,245 | 1,352 | 1,293 | 1,222 | 1,097 | 948.0 |
| Earnings before credit costs (derived) | 1,757 | 1,831 | 1,964 | 2,099 | 1,892 | 1,971 | 1,912 | 1,840 |
| Net interest income (derived) | 1,502 | 1,570 | 1,620 | 1,680 | 1,730 | 1,751 | 1,668 | 1,676 |
| Profit attributable to owners | 404.0 | 383.0 | 534.0 | 556.0 | 445.0 | 557.0 | 609.0 | 664.0 |
| Fees and commission income (narrow audited line) | 2,191 | 2,343 | 2,406 |
Standalone, as reported. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue growth | 13.8% | 23.6% | 63.7% | 6.6% | 11.1% |
| Net margin | 13.8% | 10.3% | 10.5% | ||
| Return on equity | 22.0% | 14.8% | 14.7% | ||
| Return on assets | 4.1% | 3.1% | 3.3% | ||
| Dividend payout | 15.1% | 15.0% | 10.0% | ||
| EPS, diluted (₹) | 17.02 | 23.80 | 25.37 | 20.14 | 22.77 |
| Book value per share (₹) | 82.31 | 104.1 | 127.4 | 144.9 | 165.2 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on assets: net profit to owners / average total assets.
- Dividend payout: dividends paid / net profit to owners.
- EPS, diluted (₹): as reported (Diluted EPS).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 1, information to 13 Oct 2026); market data at the close of 13 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
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What the full research on SBI Cards and Payment Services includes
Every piece of Mool’s research is built the same way: a researched evidence base, analyses that build on each other, a research model and a report with the call. This page shows the first analysis.
The report and Mool’s call
- The 12-month rating and target
- The 3-month view
- Mool's estimates beside the street's
- The claims the view rests on, and what would change it
The analyses, among them
- Business model & financial foundationOn this pageWhat the company does and how it makes money, its structure, five years of financials and the metrics that matter for it.
- Future earnings & financial modelForecasts built from the drivers that move the business, by scenario, beside the street's.
- Fundamental valuation & 12-month thesisWhat the business is worth on several methods, what the market already prices in and the 12-month thesis that follows.
The research model
The model behind the report: the company’s history, the drivers that move it, its forecasts by scenario and the valuation the 12-month target comes from.
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Report history
Reports on SBI Cards and Payment Services
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Prices are the last close on the NSE, 12 Oct 2026. Research from Mool’s report of 13 Oct 2026; page updated 13 Oct 2026.
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